Greece posted a general government primary surplus of 3.9% of GDP or 6.9 billion euros in 2016, compared to a deficit of 2.3% in the previous year, preliminary data from the National Statistics Service or ELSTAT showed. Recall, that the budget target was for 0.5% of GDP in primary surplus, while the IMF, in its latest estimates, has seen the surplus at 3.3%.

The general government surplus is estimated at 1.3 billion euros of 0.7% of GDP versus a 5.9% in deficit in 2015.

Greece’s debt reached 314.9 billion euros as of end 2016, or 179% of GDP versus 177.4% of GDP in the previous year.

The data are compiled in the context of the first Excessive Deficit Procedure (EDP) notification of 2017 and reported here are fully in line with the rules of the European System of Accounts - ESA 2010.

However, ELSTAT clarified that the calculation of the primary balance “as per the Economic Adjustment Program calls for a statistical treatment of certain expenditure and revenue items that deviates from the typical ESA2010-compliant practice," so the calculation of the primary surplus "as defined under the Economic Adjustment Program for Greece is not calculated by ELSTAT."